Looking to buy a home with a price tag of around $700,000? A new property report reveals what you can snap up for that amount in popular Illawarra suburbs.
However, you can expect some healthy competition, according to Chris McKenna from Herron Todd White.
"Ten years ago, $700,000 would have given you the pick of many properties throughout the Illawarra with only the more desirable areas out of reach," he said.
"However, strong price increases over the past decade have restricted a purchaser with $700,000 to spend."
The property valuation and advisory company's latest report sets a comparative price point of $700,000, having asked their experts how buyers and investors can best spend the figure in their areas. This benchmark was chosen as it provides a compromise between capital and regional markets.
Mr McKenna, residential team leader for NSW and ACT, said this figure is the approximate median house price in suburbs such as Figtree and Flinders.
"Although townhouses or units can still be picked up for under $700,000 in suburbs such as Thirroul and Bulli and older houses can be purchased in Corrimal and Russell Vale," he said.
"Within the suburbs just north of Wollongong, like Fairy Meadow, Towradgi and Corrimal, you can definitely still pick up older houses under $700,000. But those houses would tend to need a fair bit of work put into them if you were planning on living in them straight away.
"There have been plenty of new units built in Wollongong over the past couple of years and $700,000 will pick up a decent quality two-bedroom unit with a bit of a view.
"In high growth areas such as West Dapto (Horsley, Wongawilli and Kembla Grange) and Calderwood, a new four-bedroom house on a 450sqm lot can be purchased for under $700,000."
Mr McKenna said residential prices continued to be holding through June in the Illawarra.
"There remains a relatively low amount of stock on the market which is driving a bit more competition among buyers," he said.
"The properties that you would be interested in purchasing, there's reasonable demand from other purchasers. That's allowing prices to hold during the pandemic period.
"Realistically priced and conventional properties are selling within two months in most cases."
Mr McKenna said it was mainly younger families or couples purchasing at this price point, with second house buyers or downgraders often above this market.
"Pandemic conditions have not brought any significant price decreases in our market," he said of the Illawarra.
"However, there is still a decent level of uncertainty in the short to medium term as government stimulus packages and local and macro economies grapple with a recession.
"What the future holds in the next six to 12 months is a bit of a lottery. No one's sure of exactly what's happening."
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